KfW determines syndicate for its third EURO 5 billion Benchmark bond / The bond is expected to be launched next week and will conclude KfW's EURO-Benchmark-Programme for this year

Frankfurt (ots) - KfW, rated Aaa/AAA, has communicated the additional 12 members of the syndicate, which will issue the announced third EURO-Benchmark bond of the promotional bank, namely Barclays Capital, BNP Paribas, Credit Suisse First Boston, Dresdner Kleinwort Wasserstein, Goldman Sachs, HSBC, HypoVereinsbank, Lehman Brothers, Morgan Stanley, Nomura, Schroder SalomonSmithBarney and UBS Warburg. On Tuesday, KfW had already notified that it had mandated Deutsche Bank, JP Morgan and Merrill Lynch as lead managers. "The first meeting of all syndicate members, which took place in London on Wednesday night and during which we comprehensively discussed our common project, was very successful" said Gerhard Lewark, KfW's Head of Treasury and Capital Markets. "Bearing in mind the extremely successful issues of KfW's first two EURO-Benchmark-bonds in March and July this year, all participants were aware of the challenge that comes with the forthcoming bond. We hope to be able to continue with the positive results achieved so far this year" Lewark added. The EURO-Benchmark-bond is expected to be issued next week in a global format and a volume of EURO 5 billion. Its maturity date of November 26th, 2004 matches the maturity of the bond of the Federal government - Bundesobligation 133 and thus points out its character as an alternative to government bonds. With this bond, KfW concludes its EURO-Benchmark-Programme for this year. The promotional bank had announced at the beginning of 2001 that it would issue at least two bonds annually with a volume of at least EURO 5 billion each under its newly launched programme. The bank stuck to its announcement by issuing a EURO 5 billion bond with a 10 year maturity in March and a second one with a 5 year maturity in July. In the summer, however, KfW did not rule out the possibility of issuing another EURO-Benchmark-bond in the second half of this year. The excellent acceptance of the EURO-Benchmark-programme as well as the strong demand for highly liquid AAA-rated bonds has prompted KfW to issue a bond with a 3 year maturity within its EURO-Benchmark-programme now. The EURO-Benchmark-programme will be continued next year by issuing bonds with a total volume of at least EURO 15 billion, among which one bond with a 10 year maturity and one with a 5 year maturity with a volume of at least EURO 5 billion each. KfW is very pleased with the development of the demand for its newest bond so far. "Just a couple of hours after the opening of the order books, we clearly exceeded orders worth a billion" KfW's Treasurer, Lewark, explained. "We do hope that this bond will be well oversubscribed, just as its predecessors, and we are confident that our concept of issuing highly liquid bonds with yield pick-up over Bunds will again convince the markets". ots Originaltext: KfW Im Internet recherchierbar: http://www.presseportal.de Kreditanstalt für Wiederaufbau Palmengartenstr. 5-9 60325 Frankfurt Abt. Unternehmenskommunikation Verantwortlich: Dr. Matthias Fritton Press Dept: Nathalie Drücke, Dela Strumpf, Verena Tobeck, Christine Volk Phone: (069) 7431 -4400 Fax: (069) 7431 -3266 presse@kfw.de www.kfw.de For further information please adress any queries to: Nathalie Drücke Tel.: (069) 7431 -2098 E-Mail: nathalie.druecke@kfw.de Original-Content von: KfW, übermittelt durch news aktuell

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